Ethena decentralized financial protocol Subject to Tuesday a proposal to issue the next stable -co -poin of hyperliquid, joining a tender race which has already attracted a multitude of companies like Paxos, Sky, Frax and Agora.
The token would be fully supported by the USDTB of Ethena, a stablecoint emitted with an anchorage of bank with a federal charter and entirely supported by Buidl, the monetary market tokenized by the giant of the asset management of Blackrock and secure.
“We are delighted to activate Ethena’s USDTB, which is 100% supported by Buidl and positioned only to provide institutional cash management as well as chain liquidity to hyperliquid users,” said Robert Mitchnick, chief of digital assets of BlackRock, in the proposal.
If it is adopted, Ethena promised that 95% of net revenues from the USDH reservations will return to the hyperliquid ecosystem, according to the proposal. Ethena also said that it would cover the migration costs of existing USDC trading pairs on hyperliquid to USDH to mitigate adoption.
The proposal comes as the competition to gain the publication of the stablecoin of the Hyperliquid USDH intensifies. The decentralized scholarship has executed nearly $ 400 billion in perpetual negotiation volume last month, making it an attractive market for stablecoin suppliers to get stuck. Sky (formerly makedao)Paxos, Sky, Frax, Agora and the native markets threw their hat into the ring. Validators should vote on proposals on September 14.
Read more: Pitchs Sky Pitch accompanying USDH Stablecoin with an outcome of $ 8 billion and a yield of 4.85%
